Kleist Comments

MORNING MEATS 11/26/13
MORNING MEATS 11/26/13

CATTLE: Cash cattle last week $130.-132.00, Neb. dressed $207.00; on 99 boxed loads cut outs higher at up. $2.40 @ $201.32(c)/$1.46 @ $188.28(s) on moderate demand; Carcass Equivalent: $190.53 up.$.32.

COMMENTS: Cash cattle talk is steady/higher for the full, post-holiday week and perhaps the sharp rise in beef is a tip off. However, showlists are up strongly In Neb. and up fairly well in Tx. and Ks. combined; big storm out east to restrict beef movement through the weekend?; open interest fell 1369 led by Dec. off 1814 amid light volume…..holiday trade starting early? No opinion change for now.

HOGS:

Interior cash hogs yesterday mixed at dn. $.17 (e)/up. $.46, rough avg. $76.50; pork cut outs dn. $.67 @ $88.68. Lean index as of 11/22 @ $81.16 dn. $.78.

COMMENTS: Cash hogs look sideways perhaps the rest of the week through Sat.; read more drum beats about PED ratcheting kills lower any time now, though nobody can quantify the amounts (we mentioned a source that said large numbers effected south so I pay attention); cold weather to reduce weights some?; pork shipments out east to be impacted by the major storm?; open interest rose 2,253 seen as Dec. falls 1819 amid light-side volume; besides lowering our likely bear defense as mentioned, no opinion change here.

Kleist Comments

This is John Kleist, of Kleist Ag Consulting.
Questions? Email me: johnwkleist@sbcglobal.net

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